Truinvest, the new consolidator founded by two ex-Mattioli Woods directors, has completed the acquisition of Bromwich Financial Planning. The deal marks Truinvest’s second acquisition, following the purchase of Group Rapport in March.
Truinvest was established after Mark Smith and Micky Johal, the co-founders, secured funding from Stonewood Wealth Management.
Mr Johal commented: “Having the support of Stonewood Wealth Management means we have investors who understand our industry and are able to take a long-term view on our business.
“We are investing in cutting-edge technology to make the way we operate simpler for our clients, advisors and staff, particularly as we feel the current Covid-19 pandemic has brought into focus the need for change in the way we all interact with one another.”
Mr Smith said: “We are absolutely delighted to have added two such reputable and well-regarded companies to our ranks.
“We see it as a hugely significant development and a real statement of Truinvest’s intent.”
The deal comes after comments last month from Mark Smith, Truinvest co-founder and chief executive, revealing that the firm aims to manage £1bn by the end of the year.